Key information about India Tax revenue: % of GDP

• India Tax revenue: % of GDP was reported at 6.8 % in Dec 2024.
• This records a decrease from the previous number of 9.1 % for Sep 2024.
• India Tax revenue: % of GDP data is updated quarterly, averaging 7.4 % from Jun 1997 to Dec 2024, with 111 observations.
• The data reached an all-time high of 10.8 % in Mar 2015 and a record low of 3.0 % in Jun 2003.
• India Tax revenue: % of GDP data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Tax Revenue: % of Nominal GDP: Quarterly.

CEIC calculates quarterly Tax Revenue as % of Nominal GDP from monthly Tax Revenue and quarterly Nominal GDP. The Controller General of Accounts provides Tax Revenue in local currency. Ministry of Statistics and Programme Implementation provides Nominal GDP in local currency based on SNA 2008. Tax Revenue covers Central Government only. Nominal GDP prior to Q2 2011 is based on a combination of SNA 2008 and SNA 1993, at 2004-2005 prices and prior to Q2 2004 is based on SNA 1993, at 1999-2000 prices.

The Personal Income Tax Rate in India stands at 39 percent. This dataset provides - India Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This dataset contains the number of personal income taxpayers in India by tax slabs.

Current and historical data on India's tax revenue - source-wise and state-wise collections, GDP contribution, taxpayer ratio, and comparison with global peers.

Over ** million income tax returns (ITRs) were filed in the assessment year 2024 in India. It was estimated to increase to over ** million in the year 2025. The number of income taxpayers has more than doubled since 2014.

The Sales Tax Rate in India stands at 18 percent. This dataset provides - India Sales Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This dataset provides tax rates (Value Added Tax, Entry Tax, Luxury Tax) on tobacco products in 10 Indian States (Karnataka, Kerala, Goa, Madhya Pradesh, Gujarat, Haryana, Bihar, West Bengal, Meghalaya, and Nagaland) for the period of 1990-2017. The dataset provides tax rates for three major categories of tobacco products (cigarettes, bidis, and smokeless products) month-wise starting from the financial year April 1990 - March 1991 till the financial year April 2016 - March 2017. These data were collected from relevant statutes, notifications, public notices by concerned state governments typically available through state government commercial tax department websites occasionally supplemented by free internet searches for specific documents not available or accessible on state government websites.The following points will help better understand the dataset and its strengths and limitations:The numerical data in each cell refers to the rate of the tax on given tobacco product that prevailed at a given time (month/year). The data provided is a decimal fraction and is to be multiplied by 100 to derive the percentage e.g. 0.01 in the dataset imply 1% of tax rate.The Value Added Tax (VAT) Acts were enacted in Indian states in early 2000s and generally came to be implemented around the year 2005. In our dataset, we capture the VAT rates on tobacco from March 2005 onward. However, the actual implementation could have been a little earlier in some states. VAT rates are generally provided till March 2017 after which, VAT was subsumed in the Goods and Services Tax.In case of the Entry Tax and the Luxury Tax, only some of the states levied such taxes on tobacco products. In case of the states that levied these taxes on tobacco, we have captured data from March 1990 onward as our study period was 1990-2017. This does not necessarily imply that such taxes were not levied on tobacco before March 1990.Blank cells or cells with missing values denote that the given tax type was not levied on the given tobacco products for that time point.At times, additional tax or surcharge was levied under the VAT Act in addition to the VAT rate for tobacco. The dataset provides the VAT rates that are inclusive of such additional tax or surcharge and in such cases, a comment clarifying this has been inserted in the dataset.At times, different smokeless tobacco products had different tax rates levied on them. In such cases, we have generally indicated the highest tax rate in the dataset while including a comment clarifying the different rates for different smokeless tobacco items.Rarely, the VAT rate was levied in form of a fixed amount per certain number of products (cigarette sticks) instead of a fixed percentage of the product value. In such instance, we have inserted a comment in the dataset clarifying this.We found it complex to track all the changes done in tax rates on tobacco over time under these three tax categories. There were several amendments to the tax legislations and several notifications issued under these tax legislations regarding changes in tax rates on tobacco. It is likely that we missed out capturing all these changes, especially as some of the notifications were missing from the government websites. So, there are likely to be errors in terms of the tax rates and the exact period for which specific rates prevailed. We tried our best to capture data from authoritative sources as much as possible given the limited time and resources we had.This dataset was produced as part of the broader research project that explored the political economy of tobacco, titled “Deciphering an epidemic of epic proportion: the role of state and tobacco industry in tobacco control in post-liberalised India (1990-2017)”. We thank the DBT/Wellcome Trust India Alliance for funding this project through the Intermediate (Clinical and Public Health) Fellowship awarded to Upendra Bhojani (IA/CPHI/17/1/503346). While collecting these data, an earlier document compiling tax rates on tobacco at state level by Mr. Gaurav Gupta of the Campaign for Tobacco-Free Kids for the period 2010-2011 to 2016-2017 served as a useful reference. We thank him for sharing such resource with us.

The dataset comprises of state-wise data on the number of persons who filed Income Tax returns as well as the state-wise data on the number of persons whose Income Tax returns amount to zero tax liability.

Government Revenues in India increased to 732963 INR Tens of Million in May from 279288 INR Tens of Million in April of 2025. This dataset provides - India Government Revenues- actual values, historical data, forecast, chart, statistics, economic calendar and news.

France was the first country to introduce the Goods and Services Tax or GST. Currently, nearly 160 countries have imposed GST/VAT in some form or the other. Some countries have VAT as an alternative to GST. Yet, conceptually, it is a destination-based tax imposed on the consumption of goods and services. GST is a tax that replaced many indirect taxes in India. Goods and Services Tax was implemented in India from 1 July 2017. Here in India, most of the population is middle class and lower middle class where people either belong to service class or they depend on agriculture for their livelihood. In this scenario, the most important question is what is the impact of GST on the common man or the middle class family.

This dataset contains 10,000 simulated sales transaction records, each represented in natural language with diverse sentence structures. It is designed to mimic how different users might describe the same type of transaction in varying ways, making it ideal for Natural Language Processing (NLP) tasks, text-based data extraction, and accounting automation projects.

Each record in the dataset includes the following fields:

Sale Date: The date on which the transaction took place. Customer Name: A randomly generated customer name. Product: The type of product purchased. Quantity: The quantity of the product purchased. Unit Price: The price per unit of the product. Total Amount: The total price for the purchased products. Tax Rate: The percentage of tax applied to the transaction. Payment Method: The method by which the payment was made (e.g., Credit Card, Debit Card, UPI, etc.). Sentence: A natural language description of the sales transaction. The sentence structure is varied to simulate different ways people describe the same type of sales event.

Use Cases: NLP Training: This dataset is suitable for training models to extract structured information (e.g., date, customer, amount) from natural language descriptions of sales transactions. Accounting Automation: The dataset can be used to build or test systems that automate posting of sales transactions based on unstructured text input. Text Data Preprocessing: It provides a good resource for developing methods to preprocess and standardize varying formats of text descriptions. Chatbot Training: This dataset can help train chatbots or virtual assistants that handle accounting or customer inquiries by understanding different ways of expressing the same transaction details.

Key Features: High Variability: Sentences are structured in numerous ways to simulate natural human language variations. Randomized Data: Names, dates, products, quantities, prices, and payment methods are randomized, ensuring no duplication. Multi-Field Information: Each record contains key sales information essential for accounting and business use cases.

Potential Applications: Use for Named Entity Recognition (NER) tasks. Apply for information extraction challenges. Create pattern recognition models to understand different sentence structures. Test rule-based systems or machine learning models for sales data entry and accounting automation.

License: Ensure that the dataset is appropriately licensed according to your intended use. For general public and research purposes, choose a CC0: Public Domain license, unless specific restrictions apply.

Tax Avoidance Services Market Outlook

The global tax avoidance services market size was estimated at USD 8.5 billion in 2023 and is projected to grow to USD 15.3 billion by 2032, registering a compound annual growth rate (CAGR) of 6.5% during the forecast period. The primary growth factor driving this market is the increasing complexity of tax regulations and the need for businesses and individuals to minimize tax liabilities legally. As governments around the world continue to tighten tax laws and increase scrutiny, the demand for expert tax avoidance services is on the rise.

One significant growth factor in the tax avoidance services market is the rapid globalization of businesses. Companies operating in multiple countries face complex tax environments that require sophisticated strategies to ensure compliance while minimizing tax burdens. This has led to a surge in demand for tax advisory firms that specialize in international tax planning and cross-border tax avoidance strategies. Furthermore, the increasing number of high-net-worth individuals looking to manage their wealth efficiently is fueling the demand for personal tax avoidance services.

Another driving factor is the advancement in technology, which has enabled more sophisticated and efficient tax planning solutions. The integration of artificial intelligence (AI) and big data analytics in tax planning allows service providers to offer more precise and tailored strategies to their clients. These technological advancements help in identifying tax-saving opportunities more effectively and ensure compliance with continually changing tax laws, thus attracting more clients to utilize these services.

Additionally, the increasing awareness among businesses and individuals about the benefits of tax planning is propelling the market growth. Companies and individuals are becoming more proactive in seeking professional advice to navigate the intricate tax landscape. The shift in attitude towards tax planning—from being seen merely as a compliance requirement to being recognized as a strategic financial decision—has significantly boosted the market for tax avoidance services.

Regionally, North America holds a major share of the tax avoidance services market, followed by Europe and Asia Pacific. The stringent tax regulations in the United States and Canada, combined with a complex tax code, drive the high demand for tax avoidance services in North America. Europe follows closely due to its diverse and stringent tax laws across various countries. The Asia Pacific region is expected to witness the highest growth rate, driven by rapid economic development and increasing awareness about tax planning benefits among businesses and individuals in emerging economies like China and India.

Service Type Analysis

The tax avoidance services market is segmented into corporate tax avoidance, personal tax avoidance, offshore tax avoidance, and others. Corporate tax avoidance services hold the largest share of the market due to the complex nature of corporate tax laws and the significant financial benefits that companies can achieve through effective tax planning. Large corporations with substantial revenue streams and multinational operations particularly benefit from these services, as they need to navigate various tax jurisdictions and take advantage of different tax incentives and deductions available globally.

Personal tax avoidance services are also a significant segment within the market. High-net-worth individuals and small business owners seek professional tax services to minimize their tax liabilities legally. These services include tax-efficient investment strategies, estate planning, and the use of tax-advantaged accounts. The demand for personal tax avoidance services is expected to continue growing as more individuals become aware of the potential savings and legal compliance offered by professional tax planning.

Offshore tax avoidance services cater to businesses and individuals looking to protect their income and assets from high domestic tax rates by utilizing offshore jurisdictions with favorable tax laws. These services have been under increasing scrutiny from governments worldwide, leading to more stringent regulations and reporting requirements. Despite regulatory challenges, the demand for offshore tax avoidance services remains strong, driven by the potential for significant tax savings and asset protection benefits.

The "others" segment includes various niche tax avoidance services that cater to specific needs, s

At the end of 2024, the number of entities liable to pay the goods and services tax in India under the "normal taxpayer" category consisted of more than 13 million taxpayers. Overall, there were over 14 million registered GST taxpayers during this time. The GST was introduced by the Indian government on July 1, 2017, as a singular indirect tax on the supply of goods and services, which replaced most of the existing indirect taxes levied in the country. GST structure While the GST is paid by consumers, it is conveyed to the government by the businesses providing the goods and services. Currently, GST has a tier tax structure of 5 percent, 12 percent, 18 percent, and 28 percent, with some exceptions for gold and real estate. Items such as food, education, and healthcare are exempt from GST. Luxury items and comfort goods are categorized under higher slabs, whereas necessities are included in lower and nil slab rates. The Goods and Services Tax Network (GSTN) provides a single interface for taxpayers and governments. The system provides processes like registration, filing of returns, and tax payments, online. Impact on the economy GST implementation has proved to be beneficial on various fronts. These include higher revenues, uniformity in taxation, increased transparency, elimination of cascading taxes, online process, and efficient logistics and distribution system. As the GST gains wider acceptance, it is slowly leading to the formalization of the Indian economy.

The current dataset is a subset of a large data collection based on a purpose-built survey conducted in seven middle-income countries in the Global South: Chile, Colombia, India, Kenya, Nigeria, Tanzania, South Africa and Vietnam. The purpose of the collected variables in the present dataset aims to understanding public preferences as a critical way to any effort to reduce greenhouse gas emissions. There are many studies of public preferences regarding climate change in the Global North. However, survey work in low and middle-income countries is limited. Survey work facilitating cross-country comparisons not using the major omnibus surveys is relatively rare.
We designed the Environment for Development (EfD) Seven-country Global South Climate Survey (the EfD Survey) which collected information on respondents’ knowledge about climate change, the information sources that respondents rely on, and opinions on climate policy. The EfD survey contains a battery of well-known climate knowledge questions and questions concerning the attention to and degree of trust in various sources for climate information. Respondents faced several ranking tasks using a best-worst elicitation format. This approach offers greater robustness to cultural differences in how questions are answered than the Likert-scale questions commonly asked in omnibus surveys. We examine: (a) priorities for spending in thirteen policy areas including climate and COVID-19, (b) how respiratory diseases due to air pollution rank relative to six other health problems, (c) agreement with ten statements characterizing various aspects of climate policies, and (d) prioritization of uses for carbon tax revenue. The company YouGov collected data for the EfD Survey in 2023 from 8400 respondents, 1200 in each country. It supplements an earlier survey wave (administered a year earlier) that focused on COVID-19. Respondents were drawn from YouGov’s online panels. During the COVID-19 pandemic almost all surveys were conducted online. This has advantages and disadvantages. Online survey administration reduces costs and data collection times and allows for experimental designs assigning different survey stimuli. With substantial incentive payments, high response rates within the sampling frame are achievable and such incentivized respondents are hopefully motivated to carefully answer the questions posed. The main disadvantage is that the sampling frame is comprised of the internet-enabled portion of the population in each country (e.g., with computers, mobile phones, and tablets). This sample systematically underrepresents those with lower incomes and living in rural areas. This large segment of the population is, however, of considerable interest in its own right due to its exposure to online media and outsized influence on public opinion. The data includes respondents’ preferences for climate change mitigation policies and competing policy issues like health. The data also includes questions such as how respondents think revenues from carbon taxes should be used. The outcome provide important information for policymakers to understand, evaluate, and shape national climate policies. It is worth noting that the data from Tanzania is only present in Wave 1 and that the data from Chile is only present in Wave 2.

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Tax Advisory Services Market Size 2025-2029

The tax advisory services market size is forecast to increase by USD 12.82 billion, at a CAGR of 5.9% between 2024 and 2029.

The market is characterized by the complexity of tax regulations and the increasing trend towards digital transformation and automation. The intricacy of tax laws necessitates the expertise of tax advisory services to help businesses navigate the intricacies and ensure compliance. Simultaneously, the adoption of digital technologies and automation in tax processes is transforming the market landscape, offering opportunities for enhanced efficiency and accuracy. However, this digital shift also introduces new challenges, particularly in the realm of data security and privacy risks. As businesses increasingly rely on digital platforms to manage tax data, protecting sensitive information becomes paramount. These dynamics underscore the importance of tax advisory services in helping organizations navigate the intricacies of tax regulations while leveraging digital technologies to streamline processes and mitigate risks. Companies seeking to capitalize on market opportunities and effectively address challenges must prioritize expertise in tax regulations, digital transformation, and data security.

What will be the Size of the Tax Advisory Services Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, driven by the complex and intricate nature of tax regulations and the dynamic business environment. Financial reporting, internal controls, and risk management are crucial aspects of tax advisory services, ensuring compliance with OECD guidelines and various tax laws. Indirect tax, financial planning, gift tax, tax deductions, tax evasion, and tax avoidance are integral components of this market, requiring continuous adaptation to changing regulatory landscapes and business needs. Tax advisory services extend to corporate tax, tax efficiency, tax education, tax litigation, international taxation, estate planning, tax research, tax optimization, tax legislation, tax technology, tax treaties, and various other areas. The ongoing unfolding of market activities reveals evolving patterns in tax compliance, regulatory compliance, tax return preparation, and tax controversy. Tax advisory services play a vital role in tax evasion and tax avoidance strategies, as well as tax planning and tax incentives. They also encompass tax technology, data analytics, and transaction advisory services, providing clients with comprehensive solutions to manage their tax obligations effectively. The market is a critical partner for businesses and individuals seeking to navigate the complexities of tax regulations and optimize their tax positions. As tax laws and regulations continue to evolve, tax advisory services remain indispensable in ensuring compliance and maximizing tax efficiency.

How is this Tax Advisory Services Industry segmented?

The tax advisory services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userBFSIIT and telecomRetail and e-commerceHealthcareOthersTypeDirect advisory taxIndirect advisory taxGeographyNorth AmericaUSCanadaEuropeFranceGermanySwitzerlandUKAPACAustraliaChinaIndiaSingaporeRest of World (ROW)

By End-user Insights

The bfsi segment is estimated to witness significant growth during the forecast period.The market caters to the extensive requirements of the banking, financial services, and insurance (BFSI) sector, which faces intricate challenges in adhering to global tax laws, compliance regulations, and evolving jurisdictional complexities. To tackle these issues, the BFSI industry heavily relies on specialized tax advisory services for corporate tax planning, transfer pricing, regulatory compliance, mergers and acquisitions, and risk management. With the increasing trend of cross-border transactions, the significance of expert tax advisory services amplifies, enabling financial institutions to optimize their tax structures and ensure adherence to both local and international tax regulations. Forensic accounting, tax research, and data analytics play pivotal roles in uncovering potential tax evasion and avoidance schemes, while tax software and technology enhance the efficiency and accuracy of tax processes. Capital gains tax, income tax, sales tax, property tax, and wealth tax are among the various taxes that demand expert advisory services. Tax legislation, OECD guidelines, and international taxation necessitate continuous research and consultation. Tax credits, incentives, and treaties offer opportunities for tax opti

India’s per capita net national income or NNI was around *** thousand rupees in financial year 2025. The annual growth rate was *** percent as compared to the previous year. National income indicators   While GNI (Gross National Income) and NNI are both indicators for a country’s economic performance and welfare, the GNI is related to the GDP plus the net receipts from abroad, including wages and salaries, property income, net taxes and subsidies receivable from abroad. On the other hand, the NNI of a country is equal to its GNI net of depreciation. In 2020, India ranked second amongst the Asia Pacific countries in terms of its gross national income. This has been possible due to a favorable GDP growth in India. Measuring wealth versus welfare   National income per person or per capita is often used as an indicator of people's standard of living and welfare. However, critics object to this by citing that since it is a mean value, it does not reflect the real income distribution. In other words, a small wealthy class of people in the country can skew the per capita income substantially, even though the average population has no change in income. This is exemplified by the fact that in India, the top one percent of people, control over 40 percent of the country’s wealth.

As of 2022, the top 10 percent Indian population group in terms of pre-tax income was estimated to hold over ** percent of total income in India, whereas the bottom ** percent group only made up just over ** percent of total income. This reflected an even greater income gap compared to 2000.

The Social Security Rate in India stands at 24 percent. This dataset provides - India Social Security Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

BackgroundTaxing sugar-sweetened beverages (SSBs) has been proposed in high-income countries to reduce obesity and type 2 diabetes. We sought to estimate the potential health effects of such a fiscal strategy in the middle-income country of India, where there is heterogeneity in SSB consumption, patterns of substitution between SSBs and other beverages after tax increases, and vast differences in chronic disease risk within the population.Methods and FindingsUsing consumption and price variations data from a nationally representative survey of 100,855 Indian households, we first calculated how changes in SSB price alter per capita consumption of SSBs and substitution with other beverages. We then incorporated SSB sales trends, body mass index (BMI), and diabetes incidence data stratified by age, sex, income, and urban/rural residence into a validated microsimulation of caloric consumption, glycemic load, overweight/obesity prevalence, and type 2 diabetes incidence among Indian subpopulations facing a 20% SSB excise tax. The 20% SSB tax was anticipated to reduce overweight and obesity prevalence by 3.0% (95% CI 1.6%–5.9%) and type 2 diabetes incidence by 1.6% (95% CI 1.2%–1.9%) among various Indian subpopulations over the period 2014–2023, if SSB consumption continued to increase linearly in accordance with secular trends. However, acceleration in SSB consumption trends consistent with industry marketing models would be expected to increase the impact efficacy of taxation, averting 4.2% of prevalent overweight/obesity (95% CI 2.5–10.0%) and 2.5% (95% CI 1.0–2.8%) of incident type 2 diabetes from 2014–2023. Given current consumption and BMI distributions, our results suggest the largest relative effect would be expected among young rural men, refuting our a priori hypothesis that urban populations would be isolated beneficiaries of SSB taxation. Key limitations of this estimation approach include the assumption that consumer expenditure behavior from prior years, captured in price elasticities, will reflect future behavior among consumers, and potential underreporting of consumption in dietary recall data used to inform our calculations.ConclusionSustained SSB taxation at a high tax rate could mitigate rising obesity and type 2 diabetes in India among both urban and rural subpopulations.Please see later in the article for the Editors' Summary

According to Cognitive Market Research, the global Tax Management Software market size will be USD 474.88 million in 2024 and will expand at a compound annual growth rate (CAGR) of 19.46% from 2024 to 2033. Market Dynamics of Tax Management Software

Increasing need for automated software to maintain large transactions as a key driver.

Due to globalization and the expansion of the e-business there is need for a platform that permits companies to do businesses across countries and the trade zones. There is a need of the software which could help businesses to meet the changing tax laws and to comply with rules. These software helps businesses to manage their compliances with the laws and allows them to meet the tax liabilities on time. For instance,

Increasing governments emphasis on the tax laws as a key driver.

Tax laws in a country play a prominent role in its economic development. The primary function of the taxation is to generate the revenue of the government. This revenue is used to finance a wide range of public services, including education, healthcare, national defense, infrastructure development, and social security programs. As per the survey conducted by the The State of Tax Justice 2023, Countries are losing $480 billion in tax a year to global tax abuse. Of the $480 billion lost a year, $311 billion is lost to cross-border corporate tax abuse by multinational corporations and $169 billion is lost to offshore tax abuse by wealthy individuals. For instance, in India the total number of evasion cases detected stood at 25,397, with a total detection amount of Rs 1,94,938 crore. In China, as per the administration they had punished 440,000 companies suspected of tax fraud and recovered 90.9 billion yuan in 2021, beating the 2020 figures of 322,300 and 85 billion yuan, respectively. These instances globally show the rising concerns regarding the tax collection. The World Bank's Global Tax Program (GTP), housed at the Fiscal Policy and Sustainable Growth Unit of the World Bank, was launched in 2018. helps countries in strengthening their tax systems with evidence-based, comprehensive, and sequenced reform programs at global, regional, and country levels. Restraints of the Tax Management Software

High Cost as a restraint 

Although modern tax and accounting software has many advantages, the high costs of obtaining, deploying, and maintaining these systems can be a substantial obstacle. For instance, the cost incurred in preparing the tax software like TurboTax on an average may fluctuate between $30,000 to $3,00,000 depending on the features like platform, design, technology stack and more. It can be categorized by basic, medium, and advanced app functionalities: • Basic-The Basic App provides essential functionalities such as income and deduction input, basic tax calculations, and straightforward e-filing. With a price range of $30,000 to $50,000, this option caters to users seeking a straightforward, cost-effective solution for their tax needs. • Medium- The Medium App enhances the tax preparation experience with additional features. Priced between $50,000 and $100,000, it goes beyond the basics, offering support for various tax forms, state tax filing capabilities, and integration with basic tax data providers. • Advanced-Tailored for users with intricate financial landscapes, this option boasts AI-powered tax optimization for maximizing deductions and credits. With a comprehensive interview-based filing system with a price range of $100,000+, it offers robust guidance and support, providing a top-tier solution for users navigating intricate tax scenarios.

Data Privacy hinders the adoption of tax and accounting software

The integration of artificial intelligence (AI) into tax filing systems has revolutionized traditional processes, promising enhanced efficiency and accuracy. As the firms digitalize they face a higher risk of data breaches, cyberattacks and privacy violations as they rely heavily on the digital platforms. Data breaches and the cyberattacks can lead to the losses and reputational damage to a firm. As a result, businesses hesitate to use the tax and the accounting software which don’t comply with the security norms. • For instance, as per 2019 report, the Government Accountability Office said that ac...